Sunspots in the Laboratory
通过实验室实验，首次直接证明太阳黑子均衡的存在，即非基本面不确定性会影响市场，且其出现取决于信息结构和交易机制。
We show that extrinsic or nonfundamental uncertainty influences markets in a controlled environment. This work provides the first direct evidence of sunspot equilibria. These equilibria require a common understanding of the semantics of the sunspot variable, and they appear to be sensitive to the flow of information. Sunspots always occur in a closed-book call market, but they happen only occasionally in a double auction, where inframarginal bids and offers are observable.